January 7, 2019

Revenue & Thanks

I am pleased to announce that my business officially makes money. It has taken me 8 months of working on it full time to get this far (first 5 months with a part-time co-founder and last 3 months solo). This community has been a great inspiration. Thank you. The fun begins now!

EDIT: Product is BookSirens - a marketplace to connect authors with book reviewers.

  1. 5

    Like to emphasise this:

    “ (…)taken me 8 months of working on it full time(…)”

    Congrats on sticking to it. Care to share a link?

    1. 1

      Thanks. See update.

  2. 2

    How did you solve Chicken and Egg problem?

    1. 3

      We realized after a few months of experimentation that the hardest part is getting readers on the platform. If we can win over the readers, authors will come on their own, since almost every aspiring author needs to reach readers and book reviewers. In retrospect, this is obvious, but we spent undue time at the start focusing on getting authors instead, because we figured they are the ones paying. Our hope was they would pay us first and then we'll figure out how to deliver on our promise. No bueno.

      Anyways, to attract readers to join the platform despite having no books in our catalog, we built something called ReaderRank specifically for voracious readers: readers connect their Goodreads and we analyze their profile and spit out fun stats and rankings about how they compare with their peers. Here is an example: https://booksirens.com/reviewer/2M7LVX2.

      This worked (and continues to work) reasonably well, we got some word out mouth action, and organic social media shares. Many bloggers proudly show their ReaderRank on their blogs, which helps us with SEO as well; we rank in top 10 for highly targeted long-tail keywords. Once we hit about 1000 hard-core readers, it was much easier to convince authors to pay.

      1. 1

        ReaderRank looks awesome. I just signed up as well. Great work!

  3. 2

    This looks awesome. Great idea. I'm gonna join the reviewer side.

    One thing that puzzles me though, if you built it 8 month, so around 250 days, and probably launched somewhere in that time, how can there be reviewers with thousands of book reviews?

    1. 2

      When you sign up, you have the option to connect your Goodreads. The 1000+ review count you see counts the reviews written on Goodreads prior to joining BookSirens.

      1. 1

        Ah that makes sense. Thanks for clarifying. I was really shocked by these numbers. How much can a single person read in a day ;-)

  4. 2

    thought about writing a blog about your experience , challenges and strategies used while building it? It would be helpful for all of us here!

    1. 1

      This comment was deleted 9 days ago.

  5. 1

    Congratulations! Idea is great.

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  7. 1

    Congratulations on the launch!

    I've think you've done a great job, looks very professional.

    Well done!

  8. 1

    The website looks really good! I will definitely give that another look when I'm doing my next book launch.

    1. 1

      Happy to help. Where can I learn about your first book?

  9. 1

    Congrats! I like the idea – seems like a win for both sides of the marketplace.

  10. 1

    Congrats & Thanks! Updates like this really help staying motivated.

  11. 1

    Congrats! It's inspiring :)

  12. 1

    Congrats! And best of luck :)

  13. 1

    Many congrats both for playing the long game and for making money! Here's to a long journey and lots of success! :)

  14. 1

    Congrats, a really good omen for 2019! what's the product?

    1. 1

      Thanks. See update.

      1. 1

        The website and the goal of the project are great, kudos!

  15. 1

    That’s great! Congratulations and all the best :)